ET has confirmed that hip-hop mogul Russell Simmons and Baby Phat designer Kimora Lee have finalized their divorce -- ETonline has the official papers.

Russell and Kimora Lee, who built their music and fashion empires while married, have signed final divorce papers citing "dissolution" as the final judgment for the separation.

In June of last year, Kimora Lee obtained sole legal and physical custody of their two young daughters, Ming, 8, and Aoki, 5. Russell has visitation with the girls for one week every eighth week with additional summer vacation and holiday time.

Kimora Lee and new beau Djimon Hounsou are expecting their first child together.